Why Miromatrix Medical Shares Are Falling 40%

Miromatrix Medical Inc MIRO shares are trading lower by 42.41% to $1.42 after the company announced pricing of a $10 million public offering of common stock.

What Happened: The pricing of the underwritten public offering of 6,250,000 shares of common stock at a price to the public of $1.60 per share, before underwriting discounts and commissions.

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The offering is expected to close on March 10, subject to customary closing conditions. Miromatrix has also granted the underwriters a 30-day option to purchase up to an additional 937,500 shares of its common stock at the public offering price, less underwriting discounts and commissions.

According to data from Benzinga Pro, MIRO has a 52-week high of $5.29 and a 52-week low of $1.40.